What follows is a Mish-modified translation of the above Google-translation.

Key Points

The public debt exceeded €882 billion at the end of 2012

Debt Grew by €146 Billion in one year

The increase in the first year of Prime Minister Mariano Rajoy is the
largest ever recorded

Debt-to-GDP is highest since 1910

Interest expense is at record high

The Government and the Bank of Spain debt figures are chilling. Government
debt broke records in 2012. In the first year of the Government of Mariano
Rajoy, debt skyrocketed to €882 billion, a one year increased of €146
Billion. Never in the economic history of Spain's general government debt
had increased so much in a single year. In five years, the debt has increased
by €500 Billion, Debt is one of the major drags on the recovery of the
Spanish economy.

Debt to GDP

The increase in public debt in 2012 is the equivalent of more than 14 percentage
points of gross domestic product (GDP). €882 billion is equivalent to
between 83.5% and 84% of GDP. The government had forecast a ratio of 79.8%
for the 2012 budget last July, but has since revised the figure upwards. In
relative terms, debt-to-GDP is at highest debt level in more than a century,
particularly since 1910, when the Spanish debt stood at 88% of GDP, according
to a historical IMF data.

Despite cuts and tax increases, the government of Mariano Rajoy has been unable
to significantly reduce the gap in the public accounts.

Skyrocketing Public Debt

Outstanding liabilities will probably exceed 100% of GDP at the end of the
year, and there are more than €100 billion of a government debt in the
hands of others (Social Security mainly). The €882 billion figure also
does not include about €60 billion of debt owed by public enterprises.

A Troubling Context

To Emilio Ontiveros, president of Financial Analysts International (AFI), "the
main problem is the payment of interest, because it is the most unproductive
spending item possible and occurs in a country that has had to cut back in
other areas and need to recover growth."

Spain had never spent so much money to pay only the interest on its debt: €38.66
billion. Financial expenses for the first time in history exceeded staff costs. "If
you do not grow, you cannot pay your debts," said Ontiveros, who argues
that Spain should have requested the bond purchase program prepared by the
Bank Central Bank (ECB) to cut interest paid on Spanish debt markets, a mechanism
for which the Government should ask before rescue its European partners. "The
corollary of this is that Spain needs urgent measures aimed to reduce this
expense," he says.

The average interest paid by the state's debt is 4.1% with an average maturity
of 6.1 years, but this level of return that investors demand may grow by the
economic downturn. Despite the truce that markets have given Spain, political
tensions rose in Spain and Italy.

Jose Carlos Diez, chief economist Intermoney, warns that Spain fails in all
the variables that serve to stabilize the debt: its economy does not grow,
it pays a high interest rate and has primary deficit (prior to payment of
interest on the debt). "This dynamic eventually leads to non-payment," he
reflects.